In a fresh push to strengthen domestic electronics production, the government has cleared ₹7,100 crore in new investments under the Electronics Components Manufacturing Scheme. This move takes the total approved investment under the scheme to ₹61,671 crore, with an expected production output of ₹4.51 lakh crore.
A key highlight is India’s first rare earth magnets plant, which will be set up by Lohum Cleantech in Uttar Pradesh with an investment of ₹700 crore. The project is expected to play an important role in reducing dependence on imports for critical materials.
The newly approved projects are expected to generate goods worth over ₹85,000 crore. These include the production of rare earth magnets and lithium-ion cells, which are widely used in batteries and advanced electronics.
The scheme also includes major investments in flexible circuit boards and display manufacturing. Companies such as Syrma SGS Technology and Dixon Technologies are among those receiving support for expanding their production capabilities.
Union Minister Ashwini Vaishnaw highlighted the importance of developing local technology capabilities. He said building domestic design and manufacturing strength is essential to reduce reliance on imports and aligns with the broader Make in India initiative.
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